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Roles of Marketing Other Functional Units : Barclays

University: Regent College London

  • Unit No: 2
  • Level: Undergraduate/College
  • Pages: 16 / Words 3896
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 97

INTRODUCTION

Marketing means to deliver knowledge about product and services to society. There is use of various approaches through which changes can be possible in business operations. As business environment is changing frequently, so it is necessary to make strategies accordingly. To market product in industry. There are various measures, but it is essential to work according to optimal use of resources and this helps to make changes in the roles and responsibilities of workers (Asaduzzaman, Hossain and Rahman, 2014). There is requirement of cost as well as time to advertise products, so manager has to keep in mind before selecting adversing approach. This report is based on Barclays which is international investment bank and provide financial services. Its headquarter is in London, UK. In this report there is discussion about roles of marketing and its interrelation with various other functional units. Marketing mix technique through which market analysis is possible and marketing plan.

TASK 1

P1 Key roles and responsibilities of the marketing function

The marketing department is working to make products and services achievable in the market. There are policies that have to be followed by the marketing manager which are related to current trends. Marketing department remains in contact with consumers, so they share new services launched by the marketing department and benefits which can be achieved. Marketing is one of the fastest growing departments which makes plans and policies achievable and helps to know what can be done through which image of Barclays bank improves. As the bank is the sector, whose role is increasing in current scenario, so it is essential to work as per terms and conditions. It is essential to make changes in policies as per change in competitors' policies. Marketing process must be followed which help to know about activities, this is effective for making changes in actions of association and this helps to get positive results. There are the following steps in marketing process-

  • Firstly market and environment analysis is done. There is need of change in business policies to met business criteria, so it is effective for making decisions (Black, 2013).
  • There are some goals behind marketing of product, so after analysing market target workers has to be fitted. This is effective for knowing changes in business policies.
  • When targeted customer are finalised so there is use of techniques which are competent to current environment. Actions are farmed accordingly.
  • Then there is application of marketing mix,, through which manager can judge which are can be used for knowing trend.
  • At last controlling must be there. When negative results are find, then evaluation is done through which corrective measures can be taken.

Roles and responsibilities of marketing functions of Barclays is as under-

Basically marketing department works for communicating with consumers (Chamorro-Mera, Miranda and Rubio, 2014). There is contact between company and society. There is use of various approaches which are competent to operations. But some activities are also performed by marketing departments which are discussed as under-

Marketing Information System (MIS): There are some tools which is used to create communication which help to work according to techniques which is effective for making alteration in roles and responsibilities. In this case, the marketing manager has to communicate with people properly, so there will no misconception (Xiao-zhong, 2012).

Planning: This is the basic function of company that provides guidance to work according to need of factor that is competent to business environment. For marketing there s need of various resources which has to be planned from where to raise. This helps to make decision appropriately.

Financing: Finance is the base for pursuing business operations for Barclays. But at the same time marketing manager has to establish positive relations between cost and profits. In case of negative results, profits gets reduced. So the marketing manager has to plan for finance related decisions also.

Promotion: Barclays has good image in market, so it s essential to work according to business, in advertisement huge cost and time is required, so it is essential to make planning according to targeted consumer.

Selling: Selling s one f the important concept which must be done effectively. As marketing department works to deliver information related to current product and services. This affects business goals and objectives and sometimes marketing manager has to sell the services of Barclays also (Getnet, Kedir and Yousuf, 2014).

Research and development: Bank is the association which is in huge demand because policies can be performed to make changes in current product and services. With research it is possible to work and this is effective for making changes in working style. As the marketing manager remains in contact with consumer so there is use of techniques which are competent for performing business operations as per demand.

Distribution: Distribution involves transportation, warehousing, logistics, etc. Marketing manager has to plan sources through which changes are taking place in effective way. This helps to get use of techniques which are competent to satisfy the demand of customers. In Barclays, there are many services such as fixed deposit, e- baking, etc. so it is essential to take acre of actions through which changes are possible (Ionitã, 2012).

P2 Roles and responsibilities of marketing relate to the wider organizational context

Marketing is one department but it can perform its business activities ineffective way when they work according to need and satisfaction of workers. There are many activities in Barclays which are working for achieving business operations (Papasolomou and Melanthiou, 2012). There is the use of techniques which are competing to perform business gaols and objectives. Barclays has some goals which is effective for make alterations in business goals and objectives, there is use of policies through which activities can be performed effectively. This is possible with the joint efforts of various department. There is discussion about connection of marketing department with other departments.

Roles and responsibilities can be performed effectively when they have used to make strategies. Through strategies the are working to know what has to be done and this is effective for analysing market through use of the appropriate techniques.

Human-resource-management and Marketing - Human-resource-management refers to the functions that focuses on recruitment, management and provide direction for people who work in organisation. HRM deals with various issues in the company like compensation, hiring, organisation development, employee motivation, communication. This perform various function that helps in smooth running of the organization. It is connected with marketing department in various manner such as duty of HR department to recruit efficient marketing manager and other employees for better planning in the firm. Employees must be skilled and knowledgable that is selected by the department to fulfil the goals (Peck and Hall, 2013). In Barclays, the HR manager has the responsibility to provide good training to employees by the experts and also appoint a workforce who will perform for the activities effectively and efficiently.

Finance and Marketing- The planning, directing, monitoring, organizing and controlling of monetary resources of a company. The financial manager of the firm is responsibility to handle all the activities. This is considered as the major department of the firm because it keeps record of the details regarding finance used by the company at different places. It is also connected with the marketing department in many ways. For example when marketing department organise different programs and events and for this they need proper budget so that work is done effectively (Rossi, Allenby and McCulloch, 2012). Finance department help them for making a budget. They allocate money for every single budget so that there is no wastage of resources. In Barclays also, the finance department helps the marketing department for various promotional events in order to promote their new product and services.

Research & Development and Marketing – It refers to the work to obtain new knowledge which use to create new technology, product or system. This aims to create new information that can make the production of products more efficient. When a company wants to grow then they will come up with new inventions and it helps in creating place in the mind of customer. It is related with the marketing department because only this department tell the company about the need and desires of the customer in the market and how to satisfy them. In Barclays, research-and-development department tries to bring innovation in their product and launch new products time to time so that consumer does not get bored of their existing products (Wright, 2015).

Customer service & Marketing – It is the crucial department of company because it handles the problems of the customers and also take feedback so that they will come again for purchasing and also provide the after-sales services. This department is not directly connected with the functioning of the firm. It is only department which takes care of the customer after the product sold to them. Marketing department helps them in knowing the problems by conducting various surveys. After knowing the issue customer service department solves the issue and make customer happy.

Production and Marketing – The function of production department is to convert inputs into the finished outputs by a series of production processes. It is also connected with the marketing department which provides information about the needs and demands of the customers (Shukla, 2015). After getting the information, production department can produce product according to their needs and satisfy them.

Sales and Marketing – Sales department is very essential department as they only sale the goods and services to the customers in market. Marketing team helps in providing goods and services as per the demand in the market. In Barclays, by applying various strategies the sales team perform the work of selling their products to customers (Solutions, 2011).

TASK 2

P3 Marketing mix for marketing planning

Marketing mix refers to the combination of various factors that need to be managed by companies to influence consumer to purchase its products and services. It is a set of marketing tools that a company uses to achieve its objective and to promote its product and services. Marketing mix generally include four P's that add value to companies offering they are product, price, place, promotion.

Barclays bank and HSBC are leading international financial institutions that uses marketing mix strategies to deliver banking services (Jacobs, MacRae and Sladyk, 2017). The comparison of Barclays bank and HSBC are as follows-

Marketing mix elements

Barclays bank

HSBC

Product

Barclays provide an extensive range of banking services as a part of its marketing mix strategy. Its product portfolio includes investment management, digital banking services, Investment banking, commercial banking, retail banking, International banking , credit card and other reward cards.

HSBC has divided its activities in four different groups Private Banking, Wealth Management & Retail Management, Investment Banking & Global Banking and Commercial Banking. It provides all kind of banking services from personal to business to corporate banking like the personal banking help to get in touch with customer directly, corporate banking includes relation with other bank.

Price

Barclays pricing strategy is more depend upon competition offering, regulatory body influence and customer demand for those services. It has decided to manage its expenses to improve its revenue and hence reduces 25% of its operating costs. Barclays offers its customer various payment flexibility options with 25% discount on its mobile broadband scheme, interest fee overdraft, discount rate for loans etc.

Primary aim of HSBC is to price the product so that they can attract customers. They make sure that their product can reaches the mass through the service they provide with maximum customer satisfaction. As HSBC deals in competitive market ,its pricing policies are subject to change according to change in pricing policies of its competitors and prevailing marketing trend.

Place

Barclays has been expanding its foreign business worldwide and present in over 50 countries. It has a wide network of distribution channel that comprises of 4750 branches out of which 1600 are in United Kingdom and its branches have ATMs. It has over 4.5 million registered online bankers in UK and also offers mobile banking.

HSBC is largest bank of World in terms of its asset capacity and operates successfully its six thousand and six hundred offices in at least Eighty-five countries. It spread in continents like South America, North America, Africa, Europe and Asia.

Promotion

The promotional strategies used by Barclays are word-of-mouth, press release, brochures, advertisement, call/visit to prospective customer. It also sponsors various programs for its brand promotion like Barclays Football Premiership League, English Premier League 2001-2006, Dubai Tennis Championship in 2008.

To promote its services HSBC consider advertisement as an effective tool and place its advertisements on billboards, newspapers and business magazines. Informative commercial ads telecast on regular basis on televisions so that they can create brand awareness and attract customers. It has sponsor many events and exhibitions like Jaguar Racing Formula One, HSBC Women's Champions in Golf and AS Monaco in football etc.

People

In Barclays there are various techniques which are effective for making changes in working style. There are many parties associated with them such as branch manager, lower level employees, customer, etc.

HSBC has good image in market because of use of techniques which are competent to market and this helps to make strategies as per requirement of society. There are varieties of customer, mangers of bank has to work according to their need and taste.

Process

In Barclays there is specific structure which is followed s activities can be performed effectively. There is use of proper hierarchy to perform business operations.

There is proper process through which changes are possible with use of techniques which are competent to making strategies which is efficient for approaching customer. Transaction time for customer is reducing this assist to make changes in working styles.

Physical evidence

Physical evidence means environment within association. In Barclays there is very tools through which customer gets satisfied with the brand name of bank. This also helps to create good image in industry.

There are some documents which served to customer when they transact with HSBC bank. So this helps to promote name in industry.

TASK 3

P4 Produce and evaluate basic marketing plan

Marketing plan is the base which is used by Barclays bank to work to achieve targets. There are policies through which changes are mandatory in activities of association. There are factors which as to be considered. Market plan works as road map for attaining goals and objective (Khan and Adil, 2013). It provides guidance to workers how to perform business activities in effective and efficient way.

Introduction to company – Barclays is the public limited company which is serving society in financial sector. It has head quarter in London. This bank was established in 1690. This operates in 40 countries with employees over 120000. they work in mainly four sectors- Corporate banking, Wealth management, investment management, personal banking.

Mission and vision of CADBURY – Barclays vision is to achieve good growth through satisfying need of customer. This helps them to create loyalty and trust in mind of customers.

Its mission is :- They want to enhance at global level by proving financial assistance to small and medium level customer (Kwon and et. al., 2017). They want to come up with innovative services to meet needs of customers.

SWOT analysis –

SWOT analysis is the technique through which internal positive, as well as negative points, are considered. There is the use of strategies through which banks can work as per current trends. SWOT analysis of Barclays is discussed under-

STRENGTH

WEAKNESSES

  • They have USP of wealth management and retail banking.

  • There are huge employee strength.

  • They are the first who started online banking.

  • They take part in various sports events to sponsors them. This helps to create awareness among people.

  • They have reach in various countries so they have good clients.

  • Director of Barclays are highly remunerated, this affects motivation of employees.

  • In economic crises this bank gets financially affected.

  • Money laundering is the main cause of and image of Barclays in South Africa.

OPPORTUNITIES

THREATS

  • They can open their branch at various places such as developing nations.

  • They must come with innovating investment options through which young generation gets attracted.

  • Due to increase in competition, there are various branches which affected growth of business.

  • In Asia image of Barclay's is not strong.

  • In banks there is lack of economic stability, so it is affected profit margin of bank.

Marketing Budget-

Marketing budget is one of the essential tool through which association working to know what can be done through which changes are significant and helpful in making strategies achievable. There are various expense occurred to make services delivered to worker (Lin, Li and Wang, 2015). This helps to work under set targets and hence there will no negative impact on operations.

Marketing budget

Particulars

1st year

2nd year

3rd year

4th year

5th year

Initial money

50000

35310

73210

66910

69910

Investment

54000

12000

24000

35000

Total

50000

89310

85210

90910

104910

Marketing expenditures

Advertisement

2540

10000

6300

8900

12000

Sales promotion

3650

3600

8000

5600

3600

Direct marketing

8500

2500

4000

6500

5000

Total

14690

16100

18300

21000

20600

Available balance

35310

73210

66910

69910

84310

Target Market – There is use various approaches through which bank came to know about demand. These approach are performed by marketing manager to know what can be done through which changes are necessary. While making changes in roles and responsibilities, manger has to work according to demand of targeted consumer (Natarajan and et. al., 2013) (Ogunmokun and Tang, 2012). This helps to provide more satisfaction and this helps to increase goodwill as well as profits of Barclays bank.

Monitoring and Controlling – This is the last step in which monitoring and controlling is taking place. While making changes in roles and responsibilities. There are factors which has to be considered in performing activities which are significant for approaching correct person in appropriate manner. There is requirement of polices which assist workers to work in correct direction. This helps to achieve goals and targets on time.

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CONCLUSION

When an enterprise is coming with some use technique then it is essential to deliver information to society, so there will be demand in market. There is requirement of proper planning to develop marketing strategies through which changes are possible and this is effective to make changes in the roles and responsibilities of the company. Sometimes a manager has to change techniques frequently due to which actions may get mismanaged, so to apply business actions in an effective way. There are possibilities that due to use of techniques which are competent to current trend. Sometimes there is need of change in business roles and responsibilities, which is effective for achieving targets. 7 P's of the marketing mix is effective for knowing competitors' policies with which enterprise can change their roles and responsibilities. While planning a promotional event there is a need of policies the targeted market must be kept in mind.

REFERENCES

  • Asaduzzaman, M., Hossain, M. and Rahman, M., 2014. Service quality and student satisfaction: a case study on private universities in Bangladesh. International Journal of Economics, Finance and Management Sciences. 1(3). p.128.
  • Black, S., 2013. The practice of public relations. Routledge.
  • Chamorro-Mera, A., Miranda, F. J. and Rubio, S., 2014. Facebook as a marketing tool: An analysis of the 100 top-ranked global brands. International Journal of Virtual Communities and Social Networking (IJVCSN). 6(4). pp.14-28.
  • Getnet, E., Kedir, A. and Yousuf, J., 2014. Challenges and Prospects of ICT Use in Agricultural Marketing: The Case of East Hararghe Zone, Oromia National Regional State, Ethiopia. International Journal of ICT Research and Development in Africa (IJICTRDA). 4(1). pp.41-60.
  • Ionitã, D., 2012. Entrepreneurial marketing: a new approach for challenging times. Management & Marketing. 7(1). p.131.

You may also like to read: Various Types of Organization

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